Ripple’s token price rises from $0.6650 against the US dollar. XRP price could gain bullish momentum if it clears the $0.8065 resistance zone.
- The token price of Ripple is moving up towards the $0.8065 resistance against the US dollar.
- The price is now trading above $0.75 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near USD 0.760 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $0.8065 resistance in the near term.
Ripple’s Token Price Begins New Rally
After a strong rally, Ripple’s XRP saw a downside correction from the $0.9500 resistance against the US dollar. It dipped below the $0.820 support zone. The price even peaked below the USD 0.70 support.
A low is forming near USD 0.6655 and the price is now rising, unlike Bitcoin and Ethereum. There was a move above the $0.70 and $0.72 resistance levels. XRP surpassed the 23.6% Fib retracement level of the downward move from the $0.9479 swing high to the $0.6655 low.
XRP price is now trading above $0.70 and the 100 simple moving average (4 hours). A major bullish trendline is also forming with support near USD 0.760 on the 4-hour chart of the XRP/USD pair.
Initial resistance on the upside is near the $0.8065 zone. It is close to the 50% Fib retracement level of the downward move from the $0.9479 swing high to the $0.6655 low. The next major resistance is near the $0.840 level.
Source: XRPUSD at TradingView.com
A successful break above the $0.84 resistance level could send the price towards the $0.90 resistance. Any further gains may require a test of $1 resistance.
New Decline in XRP?
If Ripple fails to clear the $0.8065 resistance zone, it could start a fresh decline. The first support on the downside is near the $0.75 zone and the trendline.
The next major support is near $0.70. If there is a downside break and a close below the $0.70 level, the price of XRP could add to losses. In the said case, the price might retest the $0.62 support zone.
Technical indicators
4am MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Main Support Levels – $0.75, $0.72 and $0.70.
Key resistance levels – $0.8065, $0.84 and $0.95.